Macy's (M): FY25 Q3 earnings call, Dec 3, 2025

…net sales compared to 39.6% last year. Excluding a 50 basis point tariff impact, gross margin rate would have expanded approximately 30 basis points. The…

…were up 0.7% to last year, in line with our expectations, reflecting tariff-related cost increases. On a unit basis, inventories were down, and we are…

…guidance continues to incorporate a more choiceful consumer, assumes that the current tariffs remain in place and provides flexibility to respond to changes in consumer…

…37.7% to 37.9%. This is better than our prior expectation reflecting effective tariff mitigation efforts, including shared cost negotiations, vendor discounts and strategically raising tickets.…

…how are you thinking about the opportunity for core adjusted EBITDA margin delivery? Do you see the recent tariff margin pressure as recapturable into 2026?